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CLASS EXERCISE – recording of transactions (Income Statement Accounts) Mar 16, Sales for the day @ P 3,000 Mar 17, Zee paid for the following: Meals @ P500 & Transportation Cost @ P200. Mar 18, Yee customer purchased on account @ P 10,000. Mar 19, Walk in sales for the day P 2,000 Mar 20, Zee paid rent @ P 5,000 CLASS EXERCISE – recording of transactions (Income Statement Accounts) Mar 21, Zee paid Electricity Consumption @ P 2,000 Mar 22, Sales for the day @ P4,000 Mar 23, Xee a regular customer purchased groceries @ 60% cash and the rest are on account. Total groceries cost is P 20,000 Mar 24, The customer on Mar 18, paid 40% of his account in cash. Mar 25, Xee paid in full

CLASS EXERCISE – recording of transactions (Income Statement Accounts) Mar 16, Sales for the day @ P 3,000 Mar 17, Zee paid for the following: Meals @ P500 & Transportation Cost @ P200. Mar 18, Yee customer purchased on account @ P 10,000. Mar 19, Walk in sales for the day P 2,000 Mar 20, Zee paid rent @ P 5,000 CLASS EXERCISE – recording of transactions (Income Statement Accounts) Mar 21, Zee paid Electricity Consumption @ P 2,000 Mar 22, Sales for the day @ P4,000 Mar 23, Xee a regular customer purchased groceries @ 60% cash and the rest are on account. Total groceries cost is P 20,000 Mar 24, The customer on Mar 18, paid 40% of his account in cash. Mar 25, Xee paid in full

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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NOTE: Should following the given format for income statement.
CLASS EXERCISE – recording of transactions (Income Statement Accounts) Mar 16, Sales for the day @ P 3,000 Mar 17, Zee paid for the following: Meals @ P500 & Transportation Cost @ P200. Mar 18, Yee customer purchased on account @ P 10,000. Mar 19, Walk in sales for the day P 2,000 Mar 20, Zee paid rent @ P 5,000 CLASS EXERCISE – recording of transactions (Income Statement Accounts) Mar 21, Zee paid Electricity Consumption @ P 2,000 Mar 22, Sales for the day @ P4,000 Mar 23, Xee a regular customer is P 20,000 hased groceries @ 60% cash and the rest are account. Total groceries cost Mar 24, The customer on Mar 18, paid 40% of his account in cash. Mar 25, Xee paid in full
Transcribed Image Text:CLASS EXERCISE – recording of transactions (Income Statement Accounts) Mar 16, Sales for the day @ P 3,000 Mar 17, Zee paid for the following: Meals @ P500 & Transportation Cost @ P200. Mar 18, Yee customer purchased on account @ P 10,000. Mar 19, Walk in sales for the day P 2,000 Mar 20, Zee paid rent @ P 5,000 CLASS EXERCISE – recording of transactions (Income Statement Accounts) Mar 21, Zee paid Electricity Consumption @ P 2,000 Mar 22, Sales for the day @ P4,000 Mar 23, Xee a regular customer is P 20,000 hased groceries @ 60% cash and the rest are account. Total groceries cost Mar 24, The customer on Mar 18, paid 40% of his account in cash. Mar 25, Xee paid in full
INCOME STATEMENT FOR THE MONTH ENDING JULY 31, 2019 SERVICE REVENUE 51,000 OPERATING EXPENSES GAS & OIL 500 REPAIRS AND MAINTENANCE 1,000 UTILITIES EXPENSE 500 RENT EXPENSE 10,000 SALARIES EXPENSE 9,000 21,000 OPERATING INCOME 30,000 NET INCOME 30,000 FORMAT
Transcribed Image Text:INCOME STATEMENT FOR THE MONTH ENDING JULY 31, 2019 SERVICE REVENUE 51,000 OPERATING EXPENSES GAS & OIL 500 REPAIRS AND MAINTENANCE 1,000 UTILITIES EXPENSE 500 RENT EXPENSE 10,000 SALARIES EXPENSE 9,000 21,000 OPERATING INCOME 30,000 NET INCOME 30,000 FORMAT
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